French electrical equipment maker Schneider Electric announced on Wednesday it would take full control of British software firm Aveva in a deal valuing the company at £10.15 billion (€11.5 billion).
Schneider Electric, which has held a 60 per cent stake in Aveva since 2017, said in a statement that it is offering £31 per share for the London-listed firm.
The French firm said it was making a "a unique proposal to combine energy data, industrial processes and software to serve customers of Schneider Electric and Aveva".
Schneider Electric said Aveva would remain a separate legal entity with its own board of directors.